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"To COBRA Or Not To COBRA" - In this article by Scott Borden, the pros and cons of COBRA insurance coverage are examined and compared to individual health insurance policies...[More]
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Guidelines for HSA Contributions
 Once you have established qualifying health insurance coverage, you will then be eligible to setup and make contributions into your HSA. These contributions can be made as a lump sum on a monthly basis, or any other interval. This unique feature is especially attractive to businesses with seasonal income. Both the HDHP and HSA have to be established prior to the occurrence of an eligible expense in order to withdraw funds from the HSA tax-free. Although there is no requirement to deposit money into the HSA, there are maximum-contribution limits indexed for inflation from the Department of Treasury.
2009 Annual Contribution Levels for HSAs:
- For 2009, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,000.
- For family coverage the maximum HSA contribution is $5,950.
- Catch up contributions for individuals who are 55 or older is increased by statute to $1000 for 2009.
2010 Annual Contribution Levels for HSAs:
- For 2010, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,050.
- For family coverage the maximum HSA contribution is $6,150.
- Catch up contributions for individuals who are 55 or older is increased by statute to $1000 for 2010.
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